Rangers hope to score £50m float
Sunday 16 December 2012
Rangers will list its shares on the London Stock Exchange this week in a move expected to value the football club at £50m and revive the once-great team's fortunes.
The Glasgow-based club, which is looking to recover from the humiliation of administration and demotion, has already raised £17m from financial institutions including Legal & General and Hargreaves Hale.
Sources close to Rangers said it is likely to raise up to £27m in total when it starts trading on the junior Alternative Investment Market on Wednesday. Cenkos, which is acting as Rangers' adviser, has claimed that the equity value of Rangers can double within three years.
In a note to prospective investors seen by The Independent on Sunday, the broker said Rangers will be profitable in its first full year of trading with full ownership of its assets, including Ibrox Stadium and Murray Park training ground.
Rangers dominated Scottish football alongside rivals Celtic until going into liquidation in June. The club owed £134m to unsecured creditors and was relegated to the Scottish third division after 25 of the 30 clubs in the Scottish Football League voted in favour of demotion.
Despite optimism about the flotation, Rangers, managed by Ally McCoist, left, have found life harder than expected in the lower leagues, and lead Elgin City, a minnow with a stadium capacity of just 4,520, by the narrowest of margins.
"Rangers' rich heritage of success leaves it well positioned to further expand and monetise its global fan base," the prospectus said.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...